Chevron Inks $42M Deal Ending Brazil Oil Spill Suits

Law360, New York (September 13, 2013, 8:55 PM EDT) -- Chevron Corp. and Brazilian regulators have reached a $42 million deal resolving lawsuits demanding more than $20 billion over procedural lapses leading up to a 2011 offshore oil well rupture, Chevron said Friday, on the heels of several setbacks for prosecutors in the yearslong fight.

Under the settlement, Chevron will pay 95.2 million Brazilian reals, or just less than $42 million, while co-defendant Transocean Ltd., which operated the offshore reservoir and was absolved of wrongdoing, will pay nothing, the Wall Street Journal reported. The report was...